Share this news clip from Sunrise Ch7 with your buyers and vendors to help them make informed decisions
“Property reports have been pessimistic for the past year, but the real estate market appears to be turning around.
New data indicates that home prices have increased in every Australian suburb over the past three months, with some even seeing growth of over $100,000.
News Corp’s quarterly housing report confirms that home values are on the rise in major cities.
It is thought that buyers are rushing in due to the end of rate rises, and experts say the property market is on the verge of a boom.
Sydney saw some suburbs rebound by $100,000 in value, and Brisbane saw increases of around 27%.
However, some experts are worried that prices may still fall again due to the mortgage fixed rate cliff and other market uncertainties.
Melbourne’s housing market is also beginning to show signs of recovery as house prices in almost half of the city’s suburbs have started to gain ground, with the northern suburbs dominating the top ten for both quarterly and twelve-month growth. This is due to increased certainty in the market and a decreased number of listings.
Let’s examine the rental market: There are still not enough properties to rent.
Home buyers have a great opportunity to make the shift as there is strong competition for rental applications.
Borrowing power has been decreased due to interest rate rises, which has led to people being able to borrow about 30% less than they were this time last year.
There is an increasing fear of missing out on the market if people don’t act fast.
More information can be found in your local News Corp papers and online.”
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